M.D.C. loss narrows as margin improves

SimonKennedy

LONDON (marketWatch) -- Home builder M.D.C. Holdings
MDC, +0.12%
said Friday that its first-quarter net loss narrowed to $20.9 million, or 45 cents a share, from $40.9 million, or 88 cents a share a year earlier. Revenue for the quarter declined 16.4% to $147.1 million. The group said its results were driven by an increase in gross margins and a decrease in impairments, which was partially offset by declines in home closings and the average selling price. Analysts polled by FactSet Research had forecast a loss of 33 cents a share. "During the first quarter of 2010, our home orders increased year-over-year for the fourth consecutive quarter. While this trend is encouraging, we remain cautious due to the impending expiration of the federal homebuyer tax credit and depressed overall economic conditions," said CEO Larry Mizel.

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